IRS

Tax season is upon us, and Arnstein & Lehr’s Chicago partner Robert McKenzie helps shed some light on new rules for offshore foreign account filing. The Foreign Account Tax Compliance Act’s (FATCA) was passed in 2010 after Congress discovered the…

Taxpayers with offshore bank accounts might be in trouble. The Foreign Account Tax Compliance Act (FATCA) went into effect on July 1 requires that foreign banks report to the IRS about the accounts of U.S. taxpayers. As a result, more…

The IRS is encouraging U.S. taxpayers to come into compliance with their reporting and filing requirements with regards offshore bank accounts and foreign assets. New Streamlined Filing Compliance Procedures have been announced with that goal in mind. The streamlined procedures…

The IRS is cracking down on money hidden in foreign offshore banks accounts. The Associated Press is reporting that more than 77,000 foreign banks have agreed to share information about U.S. account holders. "The list includes 515 Russian financial institutions. Russian…

IRS will step up its efforts to find Americans utilizing tax haven banks. Since September 11 the U. S. Financial Crimes Enforcement Network has developed a coordinated program to find money laundering, foreign banking activity, and tax evasion. In most white collar crime cases the Justice Department offers plea bargains to individuals like Birkenfeld in return for cooperation in charging others involved in illegal activity. Therefore with increased resources being allocated to seeking out foreign bank activities by Americans we can anticipate will the first of many bankers who cooperate to reduce their potential jail time.

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